REVIEW Q4 - RESIDENTIAL MARKET & OUTLOOK 2018

REVIEW Q4 - RESIDENTIAL MARKET & OUTLOOK 2018
DUBLIN
                            Average Dublin Second Hand Price   Percentage Change Q4 2017
HEADLINE RESULTS

Q4 2017                     E442,108                           1.7%
Annual Percentage Change    % Change Since Low (Q2 2012)       % Change From Peak (Q3 2006)


10.9%                       82.5%                              -38.3%




RESIDENTIAL
MARKET
REVIEW Q4                                                                     2017




& OUTLOOK 2018
NATIONWIDE (EX DUBLIN)
Percentage Change H2 2017   Annual Percentage Change           Average Nationwide (ex Dublin) Price


2.5%                        7.8%                               E200,424
REVIEW Q4 - RESIDENTIAL MARKET & OUTLOOK 2018
RESIDENTIAL                                            CONTENTS
MARKET
                                                       3
                 REVIEW                                INTRODUCTION

                 Q4                                    5
                                                       HOUSE PRICE GAUGE
REPORT COMPILED BY
DNG RESEARCH 2018

EDITOR
                                                       14
CAROL STRONG                                           APARTMENT PRICE GAUGE

CONTRIBUTORS
NIAMH COMBER                                           22
MARK GALLAGHER                                         CASH/ NON-MORTGAGE TRANSACTIONS

                                                       23
                                                       TRANSACTION LEVELS (IRELAND V’S UK)

                                                       25
CHAIRMAN DNG                                           DNG NATIONWIDE NATIONAL PRICE GAUGE (EXCLUDING DUBLIN)
PAUL NEWMAN

                                                       31
                                                       DNG NATIONWIDE PRESENCE




RESIDENTIAL MARKET REVIEW   | Q4 2017   DNG.ie   | 2
REVIEW Q4 - RESIDENTIAL MARKET & OUTLOOK 2018
2017 - a positive
year for the
property market
KEITH LOWE            On reading the property supplements last year
CHIEF EXECUTIVE DNG
                      you might think that we are in boom times and
                      that the sale of second hand properties, which
                      form the bulk of the property advertised in
                      the property pages, are back at peak level but
                      don’t be fooled. The truth is that the number
                      of second hand residential property sales in
                      the capital for 2017 will be within 5% of the
                      amount sold in 2016. The current volume of
                      sales, both in Dublin and nationwide, sits at
                      approximately half the level we feel would
                      be normal when compared with average sale
                      levels in the UK.
                      In contrast, the number of new property transactions has risen sharply, by over
                      60% since 2016, with an extra 1500 new homes sales to be recorded for 2017.
                      This increase in new completion numbers is not only as a result of general recovery
                      in the sector, but also as a direct result of the success of the Government’s ‘Help
                      to Buy Scheme’. This measure was introduced in 2016 to assist the new homes
                      market and has an end date of 2019. There is no doubt in my mind that the ‘Help
                      to Buy Scheme’ should be extended past 2019 or failing that be replaced with a
                      new incentive, as it is an important element contributing to the increasing output
                      of new homes and has evolved into one of the most central ingredients in fixing
                      the housing market. Ireland has a long history of assisting first time buyers, with
                      grants to purchase new homes going back to the 1980’s. Such measures assist
                      affordability particularly for those starting on the property ladder.

                      Overall new and second-hand sales transactions were 10% higher in 2017 than in
                      the previous year as recovery continues. The number of transactions being funded
                      by Irish institutions has increased significantly over the last number of years,
                      approximately 25% since 2015. The proportion of “cash/ non-Irish mortgaged
                      transactions” has dropped by 10% in Quarter 3, 2017 for the first time since DNG
                      started measuring the figures back in 2015. This is positive and proof that financial
                      institutions in Ireland are back lending again. New entrants, such as Pepper and
                      Dilosk, who are lending into the buy-to-let market are also very welcome and are
                      making their mark on overall figures.




                               RESIDENTIAL MARKET REVIEW   | Q4 2017   DNG.ie   | 3
REVIEW Q4 - RESIDENTIAL MARKET & OUTLOOK 2018
Property prices in Dublin for the last quarter of
2017 have risen by 1.7% which is the lowest                Overall, I believe that 2017
percentage quarterly rise in the year and points
to a very welcome levelling out of property price
                                                           was a year of positive
increases. This means that prices in 2017 have risen       adjustment for the property
by 10.9% in the capital. The year ahead is likely to
see a much more moderate level of price inflation at       market, with no dramatic
between 5%-7%. This is good news for the market
as continued double digit growth is not sustainable.
                                                           increase in second hand
Prices outside Dublin rose by 7.8% last year and we        property sales, the main
also predict that the level of price inflation will fall
to 5% or so for the year ahead.
                                                           uplift in transactions was
                                                           down to the much needed
Whilst the Government still seem to be struggling
to get homelessness, social and rental housing             new homes sector.
under control, we continue to advocate that
making housing more affordable to buy will help
                                                           Various adjustments to the Central Banks mortgage
underlying shortages, by taking some people out
                                                           lending rules took effect in 2017 with a surge of
of the rental market who would prefer to purchase
                                                           buyers early in the year benefiting from the slight
their own homes. For the last five years DNG
                                                           relaxation of the minimum deposit rules, especially
have campaigned the government to introduce
                                                           for first times buyers. However, with incomes only
a Home Equity Scheme Mortgage. This operates
                                                           increasing modestly, the mortgage credit rules have
very successfully in the UK with over 100,000
                                                           done their job with only modest price increases for
mortgages issued to date. It single handily led to a
                                                           the second half of the year despite the pressures of
sharp increase in housing output in the UK and at
                                                           limited stock levels. Ireland’s property market has
the same time dealt with the issue of affordability.
                                                           some way to go yet and one of the most important
Tens of thousands of buyers who could not have
                                                           elements is the new homes market. It is imperative
afforded to purchase a new home in London and
                                                           that government policy remains coherent and
indeed all parts of the UK have now been able to
                                                           consistent. Negative equity is still a major issue
purchase. Under the UK scheme, a buyer comes up
                                                           as property prices still remain over 35% below
with a 5% deposit, borrows 75% from a high street
                                                           their peak and international funds control tens of
bank and the government take a 20% stake in the
                                                           thousands of properties and mortgages throughout
property. When the property is sold, the government
                                                           the state, all of which is slowing recovery.
get their stake and any profit (20% of any gain)
returned. In London, the English government will
                                                           I hope that 2018 will be a year of progressive and
take up to a 40% stake, which takes into account
                                                           steady recovery, in which I expect to see continued
higher house prices in the capital. This scheme
                                                           modest price improvements and increased
allows buyers to purchase a property up to a value
                                                           transaction numbers, again underpinned by
of £600,000stg (approx. €675,000). To put this in
                                                           improving new homes production numbers.
context, in Dublin the average price of a property
sits at just over €440,000.




RESIDENTIAL MARKET REVIEW   | Q4 2017   DNG.ie   | 4
REVIEW Q4 - RESIDENTIAL MARKET & OUTLOOK 2018
DNG                                                                        FURTHER MODERATION IN RATE OF PRICE
                                                                           GROWTH DURING FOURTH QUARTER.



House Price                                                                1.7%
Gauge - DUBLIN
                                                                           AVERAGE PRICE OF A RESIDENTIAL PROPERTY
                                                                           INCREASED BY 1.7% IN Q4.



                                                                           10.9%
                                                                           ANNUAL RATE OF INCREASE IN 2017 SLOWS
                                                                           MARGINALLY TO 10.9%, FROM 11.1% IN YEAR
                                                                           TO SEPTEMBER.
Q3 KEY FINDINGS 5
QUARTERLY RESULTS 6
ANNUAL PERCENTAGE CHANGE 7
                                                                           RESIDENTIAL PROPERTY PRICES
PRICE CHANGES BY LOCATION 8                                                ROSE MARKEDLY FASTER IN
PRICE CHANGES BY PRICE BRACKET 9                                           FIRST HALF OF YEAR COMPARED
DNG HPG & CSO RPPI DUBLIN 10
ANNUAL % CHANGE 11
                                                                           TO SECOND HALF.
ANALYSIS & COMMENT 12




                                   RESIDENTIAL MARKET REVIEW   | Q4 2017   DNG.ie   | 5
REVIEW Q4 - RESIDENTIAL MARKET & OUTLOOK 2018
1.7%
           Quarterly Results
           The final quarter of 2017 saw the rate of growth in prices
           ease slightly when compared to the previous quarter, with
           the average price of a home in the capital increasing by
           1.7% over the period, compared to 2.1% in Q3. However,
           it is clear that the rate of increase in residential property                                                                     The average price of a home in the
                                                                                                                                             capital increased by 1.7% in Q4.
           prices slowed steadily as the year progressed, with the
           bulk of the overall increase for the year occurring in the
           period January to June (as shown in figure. 1).

           The latest results of the HPG mean that the average
           price of a resale property in the capital now stands at
           €442,108, compared to €398,649 at the end of 2016.




           FIGURE 1: QUARTERLY PERCENTAGE CHANGE IN DUBLIN RESIDENTIAL PROPERTY PRICES




           10
                              8.9

             8

                                       5.9
             6
                                                 4.8
% CHANGE




             4
                                                                                                                                                        3.3       3.4
                   2.9
                                                           2.2                                                                     1.9       2.0                            2.1
                                                                                                                         1.5                                                           1.7
             2

                                                                     0.4                 0.5         0.6       0.3
             0

                                                                               -0.9
            -2
                   Q4 2013

                             Q1 2014

                                       Q2 2014

                                                 Q3 2014

                                                           Q4 2014

                                                                     Q1 2015

                                                                               Q2 2015

                                                                                           Q3 2015

                                                                                                     Q4 2015

                                                                                                               Q1 2016

                                                                                                                         Q2 2016

                                                                                                                                   Q3 2016

                                                                                                                                              Q4 2016

                                                                                                                                                        Q1 2017

                                                                                                                                                                  Q2 2017

                                                                                                                                                                            Q3 2017

                                                                                                                                                                                      Q4 2017




           RESIDENTIAL MARKET REVIEW         | Q4 2017                    DNG.ie     | 6
REVIEW Q4 - RESIDENTIAL MARKET & OUTLOOK 2018
10.9%
            Annual PercentAge Change
            The latest quarterly results mean that the average price
            of a home in Dublin increased by 10.9% over the course
            of the year. Indeed the annualised rate of inflation held
            fairly constant at approximately 10% throughout the year,
            as prices increased modestly with each passing quarter.                                                                                                                     The latest quarterly results mean that
                                                                                                                                                                                        the average price of a home in Dublin
            However, it is quite evident that the rate of increase in
                                                                                                                                                                                        increased by 10.9% over the course of
            2017 was much greater than in 2016, when prices rose by                                                                                                                     2017.
            a more modest 5.9% for the year as a whole.

            Prices in the capital remain 38% below their peak values
            in 2006, as recorded by the HPG but since the bottom
            of the market in 2012, prices have now risen by 82%,
            reflecting the strong recovery the capital has witnessed
            during that period.




           FIGURE 2: ANNUAL PERCENTAGE CHANGE IN DUBLIN RESIDENTIAL PROPERTY PRICES




            30

            25     23.5

            20
% CHANGE




            15                         14.4
                                                                                                                                                                                                                                11.0                11.1                 10.9
            10                                                                                                                                                                                              9.0
                                                             6.6                                                                                                                       5.9
             5                                                                                                                                                     4.4
                                                                               2.3                                                             3.0
                                                                                                           0.7              0.6
             0
                   Q4 2013 - Q4 2014


                                       Q1 2014 - Q1 2015


                                                           Q2 2014 - Q2 2015


                                                                               Q3 2014 - Q3 2015


                                                                                                       Q4 2014 - Q4 2015


                                                                                                                           Q1 2015 - Q1 2016


                                                                                                                                               Q2 2015 - Q2 2016


                                                                                                                                                                   Q3 2015 - Q3 2016


                                                                                                                                                                                       Q4 2015 - Q4 2016


                                                                                                                                                                                                            Q1 2016 - Q1 2017


                                                                                                                                                                                                                                Q2 2016 - Q2 2017


                                                                                                                                                                                                                                                     Q3 2016 - Q3 2017


                                                                                                                                                                                                                                                                          Q4 2016 - Q4 2017




                                                                                                   RESIDENTIAL MARKET REVIEW                    | Q4 2017                               DNG.ie             | 7
REVIEW Q4 - RESIDENTIAL MARKET & OUTLOOK 2018
Price Changes by Location




Q4 South Dublin                         Q4 West Dublin                   Q4 North Dublin



1.3%                                    2.0%                             2.3%
The DNG HPG records the                                     All areas of the capital have
change in the average price                                 seen prices rise in excess of
of a residential property
according to location within                                80% since the market trough,
Dublin as shown in Table 1.                                 highlighting the ubiquitous
In the fourth quarter of the year, south Dublin saw         nature of the residential
the slowest rate of price growth at 1.3% whilst
the west side saw growth closer to the all Dublin           property market recovery
index, at 2.0%. North Dublin saw growth of
2.3% in the period, and for 2017 as whole, prices           across the capital.
increased by 12.6% on average, the strongest rate
of growth recorded of any area of the city. All areas
of the capital have seen a strong recovery in prices
over the last number of years, with prices in west
Dublin having now risen by 85% since the market
trough and as a result are now less than 30%
lower than they were at the peak of the last cycle
in 2006.




TABLE 1: PRICE CHANGES BY LOCATION

                               Q4                 ANNUAL          FROM PEAK                From LOW
                              2017               % CHANGE          (Q3 2006)               (Q2 2012)

SOUTHSIDE                     1.3%                 10.7%           -42.6%                   80.8%

NORTHSIDE                     2.3%                 12.6%           -34.7%                   83.6%

WESTSIDE                      2.0%                 9.0%            -29.7%                   85.9%




RESIDENTIAL MARKET REVIEW   | Q4 2017   DNG.ie   | 8
REVIEW Q4 - RESIDENTIAL MARKET & OUTLOOK 2018
Price Changes by Price Bracket




2.5%
                                                  The DNG HPG measures the
                                                  movement in prices for different
                                                  price brackets of property within the
                                                  sample as shown in table 2. below.
Properties valued below €350,000 saw
prices increase by approximately 2.5% in the      Unsurprisingly, prices increased at a faster rate at the entry level
final three months of the year.                   to the market than at the higher levels. Properties valued below
                                                  €350,000 saw prices increase by approximately 2.5% in the final
                                                  three months of the year and in excess of 12% over the whole of
                                                  2017, whereas at the upper end of the market growth was a little




45%
                                                  slower in quarter four at 1.3% and the average increase over the
                                                  course of the year was 9.2%.
                                                  Prices at this level have been slower to regain previous losses
                                                  in value and still remain 45% lower than at peak of the market,
                                                  however since 2012 this sector of the market has seen values
                                                  increase by 72% on average.
Properties at the upper end of the market
have been slower to regain previous losses
in value and still remain 45% lower than at
peak of the market




TABLE 2: PRICE CHANGES BY PRICE BRACKET

                                         Q4                     ANNUAL            FROM PEAK            From LOW
                                        2017                   % CHANGE            (Q3 2006)           (Q2 2012)

Up to €250,000                          2.4%                     14.1%             -35.7%               115.3%

€251,000 to €350,001                    2.5%                     12.3%             -29.9%                92.8%

€351,000 to €500,000                    1.8%                     12.2%             -27.9%                86.1%

 Over €500,000                          1.3%                      9.2%             -45.0%                72.2%




                                          RESIDENTIAL MARKET REVIEW   | Q4 2017    DNG.ie   | 9
DNG HPG & CSO RPPI Dublin
                                      Figure 3. below shows the quarterly change in Dublin                                                                     The latest available data points towards a slowing
                                      residential property prices as measured by both the                                                                      in the rate of price inflation in the Dublin residential
                                      DNG HPG and the CSO Residential Property Price                                                                           property market across both sets of statistics.
                                      Index (RPPI) for all Dublin residential property.
                                                                                                                                                               Whilst the CSO RPPI shows a slightly stronger rate
                                      Figure 4. shows the annual percentage change in                                                                          of growth throughout most of the year, it is evident
                                      Dublin residential property prices as measured by the                                                                    that both measures display a very similar long term
                                      two indices.                                                                                                             pattern.


                                      FIGURE 3: DNG HPG & CSO RPPI                                                                                                                                                           DNG HPG
                                                                                                                                                                                                                             CSO RPPI DUBLIN PROPERTY
                           12                                                                                                                              11.0
                                                                                                                                9.5                           9.0
                           10                                                                                                                   8.9

                           8
% CHANGE ON PREVIOUS QTR




                           6                                                                                             4.4 5.6 3.9                                   3.1                                                                         3.4 5.2
                                                                                                                                                                                             4.5                           4.4           3.3
                                                                                                              3.3                                          5.9
                           4                                                                     3.1   3.0                                                       4.8                                                             2.2                     2.1
                                                                                                                                                                              0.4                   0.6              1.5                                       3.1
                           2                                                                                                           2.9
                                                                                                                                                                                                          0.3
                                                                                         -0.9                                                                          2.2             0.5   0.5                                          2.0
                                                                                                                         2.4                                                                                               1.9                     4.2         1.7
                           0                                                                     1.6 0.9                                                                                                                         0.6
                                    -2.46                                                                                                                                                                            1.1
                                                        -2.68                  -3.70                         -0.7                                                                                   -0.7 -0.3
                           -2                                                             -0.3                                                                               -1.6 -0.9
                                                                       -5.31                                                                 -1.9
                                              -4.73             -5.6
                           -4
                                    -4.01
                           -6                                      -4.40
                                                   -5.6
                           -8                 -5.59     -5.79 -6.76
                                    Q4 2010
                                              Q1 2011
                                                         Q2
                                                                Q3
                                                                       Q4
                                                                               Q1 2012
                                                                                         Q2
                                                                                                 Q3
                                                                                                       Q4




                                                                                                                                       Q4




                                                                                                                                                                                                    Q4


                                                                                                                                                                                                                    Q2
                                                                                                             Q1 2012
                                                                                                                        Q2
                                                                                                                                Q3




                                                                                                                                                          Q2
                                                                                                                                               Q1 2014


                                                                                                                                                                 Q3
                                                                                                                                                                       Q4
                                                                                                                                                                             Q1 2015
                                                                                                                                                                                        Q2
                                                                                                                                                                                             Q3


                                                                                                                                                                                                          Q1 2016


                                                                                                                                                                                                                           Q3
                                                                                                                                                                                                                                 Q4


                                                                                                                                                                                                                                                   Q2
                                                                                                                                                                                                                                        Q1 2017


                                                                                                                                                                                                                                                         Q3
                                                                                                                                                                                                                                                               Q4
                                     Note: The CSO RPPI figure shown in Q4 2017 above relates to the 12 months to the end of October 2017 only,
                                     the latest data available at time of publication




                                     FIGURE 4: DNG HPG & CSO RPPI                                                                                                                                                            DNG HPG
                                                                                                                                                                                                                             CSO RPPI DUBLIN PROPERTY
                            30
                                                                                              24.9 24.2
                                                                                         23.5 25.2                     23.5
                            25
                                                                                                       24.5                     18.2
% CHANGE ON PREVIOUS QTR




                                                                17.9      17.7
                            20                                                                                                  14.4
                                                                                         20.1                          19.7
                                                        15.1
                                                                                                                                                                                                                           11.0
                            15                                            16.2
                                                                15.5                                                                     8.5                                                                        9.0    11.1 12.2          11.6
                                        9.5                                                                                              6.6                                                           5.9          8.3
                            10                                                                                                                                                                6.0      5.8                       11.1
                                                        11.4                                                                                             2.3                                                                                      10.9
                                                                                                                                                                 3.9    3.5            2.5    4.4
                                                                                                                                                         2.2                           2.2
                                5                                                                                                                                0.7    0.6
                                        4.7

                                0
                                     Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2016 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
                                     -Q1 2013 -Q2 2013 -Q3 2013 -Q4 2013 -Q1 2014 -Q2 2014 -Q3 2014 -Q4 2014 -Q1 2015 -Q2 2015 -Q3 2015 -Q4 2015 -Q1 2016 -Q2 2016 -Q3 2016 -Q4 2016 -Q1 2017 -Q2 2017 -Q3 2017 -Q4 2017




                                      RESIDENTIAL MARKET REVIEW                    | Q4 2017                           DNG.ie   | 10
Annual % change
in second hand house prices

ANNUAL PERCENTAGE CHANGE IN SECOND HAND HOUSE PRICES 2001 - 2017

            YEAR                                   % change second hand house price

            2001




                                                                                       a
                                                                     -3.5%

            2002




                                                                                       a a a a a
                                                                    +21.2%

            2003                                                     +9.5%

            2004                                                    +13.0%

            2005                                                    +22.0%

            2006                                                    +19.0%




                                                                                       a a a a
            2007                                                     -11.3%

            2008                                                     -21.5%

            2009                                                    -24.2%

            2010                                                     -15.1%

            2011
                                                                                       a a a a



                                                                    +20.0%

            2012                                                     +2.2%

            2013                                                    +17.7%

            2014                                                    +23.5%

            2015
                                                                                       a




                                                                     +0.6%
                                                                                       a a




            2016                                                     +9.0%

            2017                                                    +10.9%




                                  RESIDENTIAL MARKET REVIEW   | Q4 2017       DNG.ie    | 11
Analysis & CommenT



THe annual rate of inflation in the
dublin residential property market
has stabilised in recent months.

As the quarterly results from                           However it should be noted that the annual rate of
                                                        inflation in 2017 was almost twice the rate seen in
the DNG House Price Gauge                               2016 when prices rose by 5.9% on average. Early in
show, prices continued to rise                          the year, the indicators pointed to high double digit
as 2017 progressed, albeit at a                         growth in prices for the year as a whole, however an
                                                        easing in the quarterly rate of price increase in quarters
slower pace in the second half                          three and four means that the annual rate of inflation
of the year compared to the                             stabilised at 10%.
first when prices were rising
                                                        As has been the case for several years now, the primary
rapidly. As a result, the annual                        driver of prices in the residential market has been
rate of inflation in the Dublin                         the excess of demand over the supply of available
residential property market                             stock available for purchase. This borne out by the
                                                        increasing volume and value of residential mortgage
has stabilised in recent months                         approvals during 2017 albeit from a relatively low
at around 10%, and this is                              base. At a national level, approvals were up by 13%
should be seen as a welcome                             in Q3 compared to a year previously, and mortgage
                                                        drawdowns increased by 16% over the same period.
development.


                                                        €442,108
                                                        The average price of a second hand home in Dublin.




RESIDENTIAL MARKET REVIEW   | Q4 2017   DNG.ie   | 12
This translates directly to increased activity in the                economic forecasts from the Economic and Social
residential property market. Indeed the number of                    Research Institute (ESRI) show that economic output
residential property transactions increased by 8% in                 will grow in the region of 5% in 2017 and is forecast
the third quarter (latest available data) compared to                to return strong growth again in 2018 at 4%.
the same period in 2016.
                                                                     As the ESRI correctly point out, this rate of growth
On the supply side, new housing completions                          far exceeds the rate of growth for the European
continue to show year on year increases, but from                    Union as whole which growth will average growth
a very low starting point, and are still well short of               of around 2% in the same period underlining the
what is required. At current levels, many analysts                   strength of the Irish economy at the present time.
have pointed out that it will take up to 10 years for
supply and demand to meet equilibrium, which in                      The positive economic backdrop to the housing
short, points to further increases in prices in the years            market combined with high levels of consumer
ahead, particularly in Dublin where demand remains                   sentiment means that demand is likely to outstrip
at its strongest. Commencements of new builds is                     supply in the market for some time to come.
also increasing strongly in percentage terms, albeit                 Indeed recent research from KBC bank indicates
from a very low base. It is a positive development                   that demand for housing outstrips supply in the
that new supply commencements continue to rise in                    current market by a ratio of 2:1 thus contributing to
the face of the chronic shortage of accommodation                    increasing prices, particularly in Dublin. Moreover
in the capital and the ongoing housing crisis.                       the research shows that this is ‘natural demand’ as
                                                                     opposed to speculative demand, as new household
                                                                     formations, changing family sizes and more people of
The continued growth in                                              house buying age bolster demand.

economic output continues                                            Looking ahead it would seem that residential
                                                                     property price inflation will continue to dominate the
to underpin demand and                                               market in the capital in 2018. Demand will continue
                                                                     to outstrip supply and buyers, particularly first time
prices in the market, as new                                         buyers will continue to be pushed further out from
job creation increases the                                           the city centre in order to afford to purchase a home.
                                                                     Given the current imbalance between supply and
demand for accommodation                                             demand it is welcome news that the Central bank
in both the rental and home                                          has retained restrictions on mortgage lending for
                                                                     2018 meaning the market is less likely to overheat
ownership sectors.                                                   than it would otherwise have been. The focus must
                                                                     remain on a sustained increase in housing supply in
                                                                     order to alleviate the current housing crisis.
Unemployment continues to fall, reaching a new
low of 6.1% in November and this rate is forecast to
fall further to around 5% through 2018. The latest




                                         RESIDENTIAL MARKET REVIEW    | Q4 2017         DNG.ie   | 13
DNG                                                                    The DNG Apartment Price
                                                                       Gauge (APG) analyses the
                                                                       movement of apartment
Apartment                                                              prices across Dublin. The
                                                                       APG measures the change
Price Gauge -                                                          in value of a representative
                                                                       sample of apartment

Dublin                                                                 dwellings across Dublin on
                                                                       a quarterly basis. Within the
                                                                       Dublin apartment market
                                                                       the APG will analyse price
                                                                       movements in different
                                                                       areas (Central, North,
APG QUARTERLY RESULTS 14                                               South and West) and by the
APG ANNUAL RESULTS 15
APG RESULTS - AREAS 17                                                 number of bedrooms the
APG RESULTS - BY NUMBER OF BEDROOMS 18
DNG APG & CSO RPPI COMPARISON 19
                                                                       property contains.
ANALYSIS & COMMENT 20




RESIDENTIAL MARKET REVIEW   | Q4 2017    DNG.ie
                                         RESIDENTIAL 14
                                                 | MARKET REVIEW   | Q2 2017   DNG.ie   | 14
2.5%
            Quarterly Results
            Rate of price inflation in the apartment market eases to 2.5%
            during fourth quarter.

            Q4 marks third consecutive quarter in which the rate of price
            inflation has eased.                                                                        Rate of price inflation in the apartment
                                                                                                        market eases to 2.5% during fourth
                                                                                                        quarter.
            Average price of an apartment in the capital rose 14.4% to
            €316,153 in 2017.

            All areas of Dublin saw apartment prices increase in excess of
            10% during the year.




 FIGURE 1: QUARTERLY PERCENTAGE CHANGE IN DUBLIN APARTMENT PRICES


           14

           12

           10

           8
% CHANGE




           6
                                                                                                           4.9%
                                                                                                                         3.7%
           4
                                                                                 2.0%          2.7%                                2.7%        2.5%
           2                                                    1.6%
                                                    1.3%
                 0.35%       0.40%      0.30%
           0

           -2
                Q2 2015     Q3 2015     Q4 2015    Q1 2016     Q2 2016       Q3 2016          Q4 2016     Q1 2017       Q2 2017   Q3 2017    Q4 2017




                                                     RESIDENTIAL MARKET REVIEW    | Q4 2017             DNG.ie   | 15
14.4%
            Annual PercentAge Change
            The average price of an apartment in the capital increased by
            14.4% in 2017, however the annual rate of inflation did ease
            slightly compared to the twelve months to the end of September
            when prices increased by 14.7%.                                                        The average price of an apartment in the capital
                                                                                                   increased by 14.4% in 2017.
            The fourth quarter of 2017 saw the annual rate of increase in
            apartment prices ease for the first time in almost two years.

            The annual rate of price inflation in the market has almost doubled
            in 2017 when compared to 2016, when prices rose by 7.8%




                 FIGURE 2: ANNUAL PERCENTAGE CHANGE IN DUBLIN APARTMENT PRICES


           35%

           30%

           25%

           20%
% CHANGE




                                                                                                13.9%              14.7%             14.4%
           15%
                                                                              11.6%
           10%                                               7.8%
                                            5.3%
           5%           3.6%

           0%
                 Q1 2015 - Q1 2016 Q3 2015 - Q3 2016 Q4 2015 - Q4 2016 Q1 2016 - Q1 2017   Q2 2016 - Q2 2017 Q3 2016 - Q3 2017 Q4 2016 - Q4 2017




            RESIDENTIAL MARKET REVIEW   | Q4 2017       DNG.ie   | 16
APG Results - Areas

As part of the DNG APG series, prices                             • North Dublin saw the strongest growth in
in the apartment market are analysed                                apartment prices during the fourth quarter,
                                                                    increasing by 4.8% on average.
by geographical location across Dublin.
Table 1 shows the rate of change in                               • Prices increased by a more moderate 3.2% in the
prices over the last three and last                                 central area during Q4 however it was the city
twelve months.                                                      centre area that recorded the highest rate of
                                                                    price increase across 2017 as a whole, at 17.5%.

                                                                  • The combination of strong demand and a
                                                                    limited amount of new supply contributed to
                                                                    higher price rises in the central area than
                                                                    across the rest of the city.

                                                                  • In the southern and western suburbs price growth
                                                                    was slower during the final three months of
                                                                    the year, at 1.2% and 0.9% respectively, but
                                                                    both areas saw the average price of an apartment
                                                                    rise in excess of 12% over the course of the year.




TABLE 1: PRICE CHANGES BY AREA

                   % Change Q4 2017                           Annual % Change


 CENTRAL                   3.2%		                                     17.5%

 North Dublin              4.8%		                                     16.2%

 South Dublin              1.2%		                                     12.3%

 West Dublin               0.9%		                                     14.4%




                                  RESIDENTIAL MARKET REVIEW   | Q4 2017         DNG.ie   | 17
APG Results - By Number of Bedrooms

The results of the DNG APG are analysed                                      • Somewhat surprisingly, three bedroom
based on the price movements of                                                apartments saw the largest rate of increase
                                                                               during the final quarter of the year, rising by
apartments, as defined by the number
                                                                               3.8% on average. However, for the year as a
of bedrooms the property contains. The                                         whole this sector saw the lowest rate of growth
results are for the whole Dublin area                                          at 12.1%.
covered by the APG.
                                                                             • One bedroom apartments across the city saw
                                                                               their values rise by 16.6% on average, over the
                                                                               course of the year as strong demand continued to
                                                                               outstrip the supply of stock of apartments
                                                                               available for purchase.




TABLE 2: PRICE CHANGES BY NO. OF BEDROOMS


                                    % Change Q4 2017                       Annual % Change

  ONe bed apt                    		         3.1%                                16.6%

  two bed apt                    		         2.0%                                14.1%

  three bed apt                  		         3.8%                                12.1%


* Annual Percentage Change shows change in value over previous 12 months




RESIDENTIAL MARKET REVIEW   | Q4 2017         DNG.ie   | 18
DNG APG & CSO RPPI Comparison

      Figure 3 below shows the comparison                                        The CSO RPPI for Dublin Apartments recorded
      between the Central Statistics Office                                      slightly higher quarterly rates of growth than the
                                                                                 DNG APG in each quarter during 2017, with the
      Dublin Apartment Price Index and the                                       exception of the first quarter.
      DNG APG.
                                                                                 It is likely that both indices will show very similar
                                                                                 annual rates of inflation, once the CSO full year data
                                                                                 for 2017 is released early in the New Year.

                                                                                 At 14%, the rate of price inflation evident in the
                                                                                 apartment market was also stronger than the
                                                                                 average rate of price growth for all residential
                                                                                 property in the capital, which averaged 10% in
                                                                                 2017.




      FIGURE 3: DNG APG & CSO RPPI - DUBLIN APARTMENT PRICE INDEX                                   DNG APG
                                                                                                    CSO DUBLIN APARTMENT INDEX

15%
13%
11%
9%
7%
                                  5.6%                                                              5.2%
                                                                              4.9%                                                  4.9%
5%
                                                                                             3.7%                     3.7%
                                                 2.2%       2.7%                                               2.7%          2.5%
3%                                        2.0%
          1.30%            1.6%
1%                                                                                   0.9%

-1%                                                                -0.4%
-3%               -2.6%
-5%
             Q1 2016        Q2 2016        Q3 2016            Q4 2016           Q1 2017       Q2 2017           Q3 2017       Q4 2017


        Note - The CSO data reported above in the period Q4 2017 relates to the 3 months to October 2017 only.
        The latest available data at time of writing.




                                                 RESIDENTIAL MARKET REVIEW   | Q4 2017        DNG.ie    | 19
Analysis & CommenT


The average price of an apartment rose
by 14.4% in 2017, as strong demand and
low levels of supply characterised the
market.
                                                        The rate of inflation accelerated strongly in 2017 compared
                                                        to 2016, when prices increased in this sector by 8% on
                                                        average.

                                                        However, after a surge in prices in the early part of the
                                                        year, the quarterly rate of increase in prices has gradually
                                                        weakened with each passing quarter. Whilst it would seem
                                                        that prices have not yet peaked, the annual rate of growth
                                                        has stabilised at around 14% in recent months.

                                                        The central area of the city saw the strongest performance
                                                        in 2017 with prices rising by 17% on average. In more
                                                        suburban locations where competition for first time buyers
                                                        from investors was less intense, price increases were more
                                                        moderate but still exceeded 10% in all areas of the city.




                                                        €316,153
                                                        The average price of an apartment in Dublin.




RESIDENTIAL MARKET REVIEW   | Q4 2017   DNG.ie   | 20
DNG APG RESULts Q4 2017

The average price of an
apartment in Dublin now
stands at E316,153.




Average Price of an Apt. in Dublin        % Change Q4 2017                     Annual % Change



€316,153                                  2.5%                                 14.4%




                                     RESIDENTIAL MARKET REVIEW   | Q4 2017   DNG.ie   | 21
Cash/ Non-Mortgage
Transactions Q1 & Q2 2017
•   Cash/ non-mortgage transactions are running at 44.9% in volume terms and at 54.6% of value

• Total transactions numbers are up by just 9.5% and value of transactions are up by
  approximately 18% compared to the first nine months of 2016 as per the Property Price Register

• Mortgages (excluding top-ups & re-mortgages) are up nearly 20% in number terms for Q1 to
  Q3 2017 compared to the same period in 2016 and up 31% in value terms




*DNG Research – BPFI & Property Price Register
(Figures exclude Re-mortgages & Top-ups) Dec 2017




Q1 - Q3 2017 VALUE OF TRANSACTIONS BY EURO (BILLION)
                                                            9.810   € VALUE OF TRANSACTIONS

                                                            4.454   € VALUE OF RESIDENTIAL MORTGAGES ISSUED

                                                            5.356   € VALUE FUNDED BY CASH OR OTHER SOURCES

                                                             54.6   % % VALUE FUNDED BY CASH OR OTHER SOURCES




Q1 - Q3 2017 BY NUMBER OF TRANSACTIONS
                                                           37,580   € NO. OF TRANSACTIONS

                                                           20,716   € NO. OF TRANSACTIONS FUNDED BY MORTGAGES

                                                           16,864   € NO. OF TRANSACTIONS FUNDED BY CASH OR OTHER SOURCES

                                                             44.9   % % NO. OF TRANSACTIONS FUNDED BY CASH OR OTHER SOURCES




RESIDENTIAL MARKET REVIEW   | Q4 2017     DNG.ie    | 22
Transaction Levels
    Ireland v’s UK
    DNG Research tracks the                                QUARTERLY CHANGE IN HOUSING TRANSACTIONS
    numbers of transactions                                • Ireland and Dublin both experienced increases in
    across Great Britain and                                 the volume of transactions per thousand population
                                                             compared to the same period last year
    Ireland on a quarterly basis.                          • England saw the lowest rate of increase in all areas of
    Results are shown as housing                             the UK
    transactions per thousand                              • Ireland continues to run significantly behind all of
                                                             our nearest neighbours despite an overall increase in
    population for each country.                             transaction levels




    HOUSING TRANSACTIONS PER ‘000 POPULATION                                                         Q3 2016
                                                                                                     Q3 2017

7

6

5

4

3

2

1

0
     IRELAND       UK        ENGLAND           SCOTLAND                 WALES            N.IRELAND    DUBLIN




                               RESIDENTIAL MARKET REVIEW    | Q4 2017           DNG.ie   | 23
QUARTERLY HOUSE TRANSACTIONS PER THOUSAND POPULATION
    • Q3 2017 saw a pickup in Irish transaction levels but still remains just
      above half the rate seen in the UK
    • UK markets continue to improve after a relatively level period since
      the dip in the second quarter of 2016, however, the true impact of
      the Brexit vote will only be realised as the process of exiting the EU
      progresses
    • Ireland is still off reaching ‘normal’ level of transactions, making no
      substantive gains in the last two years



       QUARTERLY HOUSING TRANSACTIONS PER ‘000 POPULATION                                                      IRELAND
                                                                                                               UK

6

5

4

3

2

1

0
    Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q1 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017
      2.33       1.46     1.96       2.29      3.45   2.04     2.45   2.64   3.00   2.1o   2.4o   2.7o   2.8   2.3       2.6   3.00
      4.76       4.65     5.05       4.93      5.03   3.91     4.69   5.39   5.40   5.4o   4.0o   4.94   4.8   4.2       4.7   5.10




       RESIDENTIAL MARKET REVIEW   | Q4 2017          DNG.ie   | 24
DNG Nationwide                                                    The DNG National Price
                                                                  Gauge (NPG) measures
                                                                  the movement in prices of
National Price                                                    residential property across
                                                                  the country. (Excluding Dublin)
Gauge (excluding Dublin)                                          The results are aggregated at the NUTS
                                                                  III statistical level which comprises seven
                                                                  regions within Ireland excluding the Dublin
Winter 2017                                                       Region (Border, West, Mid-West, Midlands,
                                                                  Mid East, South East and South West).

                                                                  The DNG NPG measures the movement
                                                                  in prices of a representative sample of
                                                                  properties drawn from all areas of the
KEY FINDINGS 26
PRICE CHANGES BY AREA 27
                                                                  country excluding the Dublin region. The
PRICE CHANGES BY PROPERTY TYPE 28                                 sample properties are revalued half yearly
PRICE CHANGES BY NO. BEDROOMS 29                                  in June and December and results are
ANALYSIS & COMMENT 30                                             aggregated by property type and by the
                                                                  number of bedrooms the property has.




                                    RESIDENTIAL MARKET REVIEW   | Q4 2017      DNG.ie   | 25
DNG NATIONAL PRICE GAUGE H2 2017
- KEY FINDINGS (excluding dublin)

• The rate of increase in residential property prices eased
  significantly in H2 as prices rose by 2.5% on average.
• Nationally (excluding Dublin), residential property prices
  increased by 7.8% in 2017.
• The average price of a resale home nationally (excluding
                                                                                    7.8%
                                                                                    Nationally (excluding Dublin), residential
                                                                                    property prices increased by 7.8% in 2017.
  Dublin) now stands at €200,424.
• In 2017 the Border region saw the strongest growth in prices
  at 9.6% whilst the Mid-East and West regions saw the
  slowest rates of growth.
• All regions saw significantly slower price increase in the second
  half of the year compared to the first.
• Smaller properties (apartments and two bedroom homes) saw
  the strongest percentage increase in prices whilst larger homes
  (detached and four or five bedroomed properties) saw much
  slower rates of growth over the course of 2017.



Average Price Dec 2017                          % CHANGE IN PRICE H2 2017              Annual % Change



€200,424                                        2.5%                                   7.8%
HALF YEARLY PERCENTAGE CHANGE IN NATIONAL PRICES (EX DUBLIN)

   10%
     9%
     8%
     7%
     6%
     5%
     4%
     3%
     2%
     1%
     0%
                       H2 2016                H1 2017                    H2 2017
          *Annual Percentage change measures the movement in prices over the previous twelve months




RESIDENTIAL MARKET REVIEW   | Q4 2017      DNG.ie   | 26
PRICE CHANGES BY AREA
               The half yearly movement in residential property prices is measured for each region within Ireland and the
               results are shown in Table 1. below.

               TABLE 1: PRICE CHANGES BY AREA
                                        % Change in price H2 2017                Annual % Change        Average price Dec 2017

                Border                             3.6%                                9.6%                        €156,356
                West                               1.9%                                6.6%                        €192,546
                Mid West                           3.0%                                8.2%                        €173,143
                Mid east                           1.7%                                6.7%                        €269,400
                South East                         2.1%                                6.8%                        €185,358

                Midlands                           3.5%                                9.0%                        €154,421

                South West                         2.8%                                8.6%                        €236,254

           The latest results of the DNG National Price Gauge reveal that all regions of the country saw a slower rate of
           house price growth in the second half of the year compared to the first, as shown in figure 1. The Border region
           experienced the highest rate of percentage increase in H2 at 3.6%, closely followed by the Midlands region at
           3.5%. In contrast, the Mid East region saw a markedly slower rate of growth over the final six months of the
           year at 1.7% as did the West region at 1.9%
           For the year as a whole, all regions saw prices rise by high single digit percentages of between 8-10%, with the
           exception of the West, South East and Mid-East regions where growth was slightly lower at around 7%. In
           percentage terms, the Border and Midlands regions saw the strongest growth in residential property prices over
           the course of the year in excess of 9% however in no region could the rate of growth in prices be considered
           unsustainable.
                                                                                                                                    H2 2016
           FIGURE 1: HALF YEARLY CHANGE IN AVERAGE RESIDENTIAL PROPERTY PRICE BY AREA                                               H1 2017
                                                                                                                                    H2 2017

           7

           6

           5
% CHANGE




           4

           3

           2

           1

           0           BORDER          WEST          MID WEST               MID EAST          SOUTH EAST            MIDLANDS     SOUTH WEST

               The latest results of the DNG National Price Gauge mean that the average price of a residential property
               nationally now stands above €200,000 at €200,424. This compares to an average price of €442,107 in Dublin
               as measured by the DNG Dublin House Price Gauge. At the end of 2017, the highest average price is recorded in
               the Mid-East region at €269,400 whilst the lowest average price is in the Midlands at €154,421.


                                                     RESIDENTIAL MARKET REVIEW    | Q4 2017        DNG.ie   | 27
PRICE CHANGES BY PROPERTY TYPE
           The DNG NPG records the change in the average price of a residential property according to property type,
           as shown in Table 2.

           TABLE 2: PRICE CHANGES BY PROPERTY TYPE
            Property price                % Change in price H2 2017        Annual % Change             Average price Dec 2017

             Detached                                 2.0%                        6.5%                       €235,860
             Semi detached                            3.1%                        9.0%                       €181,446
             Terrace                                  3.6%                       11.5%                       €143,134
             Apartment                                3.7%                       12.5%                       €107,672

           *Annual Percentage change measures the movement in prices over the previous twelve months


           Smaller property types recorded the highest percentage rate of increase in prices during the second half of the
           year, with apartments seeing average values increase by 3.7% and terraced properties increasing by 3.6%.
           Semi-detached homes increase by around the average for the overall index however detached homes saw the
           smallest rate of price growth in H2 at 2.0%

           A similar pattern emerged for the whole year statistics also, with apartment prices increasing by 12.5% on
           average in 2017, whilst detached homes saw their value rise by 6.5% over the same period. The average price
           of an apartment now stands at E107,672 nationally whilst the average price of a semi-detached property
           stands at E181,446.


                                                                                                                                H2 2016
                FIGURE 2: HALF YEARLY CHANGE IN PRICE BY PROPERTY TYPE                                                          H1 2017
                                                                                                                                H2 2017

            9

            8

            7

            6

            5
% CHANGE




            4

            3

            2

            1

            0
                     DETACHED		                    SEMI-DETACHED                TERRACE                       APARTMENT



           RESIDENTIAL MARKET REVIEW   | Q4 2017        DNG.ie   | 28
PRICE CHANGES BY NO. BEDROOMS
           The DNG NPG records the change in the average price of a residential property according to the number of
           bedrooms a property has, as shown in Table 3.

           TABLE 3: PRICE CHANGES BY NO. OF BEDROOMS
            No. Bedrooms             % Change in price H2 2017                   Annual % Change            Average price Dec 2017

            two                                    4.1%                               14.1%                         €108,775
            three                                  3.1%                                9.1%                         €164,864
            four                                   2.1%                                6.7%                         €239,435
            five                                   1.9%                                6.0%                         €300,642

           *Annual Percentage change measures the movement in prices over the previous twelve months


           Now surprisingly, smaller properties with fewer bedrooms saw the strongest levels of demand in 2017 and
           this resulted in the highest rates of price growth. Two bedroom properties increase in value by 4.1% in H2,
           however this rate of growth was markedly slower than in H1 when prices rose by 9.6% in this sector. Overall
           in 2017, two bedroomed properties rose in value by 14.1% on average.

           At all levels of the market prices rose at a slower rate in the second half of the year as shown in figure 3. For
           the year 2017 as a whole, three bedroomed properties saw average values increase by 9.1% whilst four and
           five bedroomed properties saw smaller increases at 6.7% and 6.0% respectively.



                                                                                                                                     H2 2016
                FIGURE 3: HALF YEARLY CHANGE IN PRICE BY BEDROOMS                                                                    H1 2017
                                                                                                                                     H2 2017
           12


           10


            6
% CHANGE




            4


            2


            0
                       DETACHED		                  SEMI-DETACHED                         TERRACE                       APARTMENT




                                                     RESIDENTIAL MARKET REVIEW    | Q4 2017        DNG.ie    | 29
Analysis & CommenT

2017 was a year characterised by strong
growth in the residential property prices
at a national level with prices increasing by
7.8% on average over the course of the year.
However the rate at which                                This points to increasing demand away from the
                                                         main urban centres and potentially stronger price
prices increased, eased                                  growth in these areas compared to the major towns
significantly in the second half                         and cities.
of the year compared to the                              The higher levels of demand in the market are
first. The overall rate of price                         reflected in the mortgage market statistics available
                                                         from the Banking and Payments Federation Ireland.
growth in the regions was not                            In the year to September 2017 (the latest data
dissimilar to the rate of price                          available) mortgage approvals rose by 13.6% and
                                                         mortgage drawdowns increased by 16.9% over
growth seen in Dublin during                             the same period. Whilst the gap between demand
2017 (10.9%) as measured by                              and supply is closing slowly it is clear from the
the DNG Dublin House Price                               latest available data that it will be a number of
                                                         years before any kind of equilibrium is reached and
Gauge. Based on the latest                               this will underpin further residential property price
half yearly results, It would                            growth in the medium term.
appear that the rate of price                            The residential property market continues to be
                                                         underpinned by the positive economic backdrop in
growth is now stabilising,                               Ireland. Unemployment continues to fall with each
following a period of                                    passing quarter and the current unemployment rate
somewhat unsustainable price                             of 6.1% is the lowest in a number of years. Indeed
                                                         the unemployment rate is forecast to fall further in
rises, which is welcome news.                            2018 to around 5%. In line with this, employment
The market continues to be characterised by an           continues to growth averaging 3% in the first
excess of demand for residential property over the       half of the year. The Irish economy continues to
supply available in all areas of the country, and this   perform well, with growth in GDP the region of 5%
is undoubtedly contributing to the current crisis that   forecast for 2017 and 4.2% in 2018. Importantly
the market is experiencing. Recent research from         this growth is being generated by domestic sources
KBC bank shows that demand currently outstrips           as consumer spending and employment levels
available supply by a ratio of 2:1. KBC estimate that    continue to rise.
there are currently over 100,000 people who see          As we look ahead to 2018, it is likely that
themselves as now being in a position to buy, far        residential property prices will continue to rise
in excess of the level of supply of homes available      albeit at a slower rate than in previous years. Price
for purchase. Interesting the research highlights a      increases in the region of 5-10% can be expected as
trend amongst potential purchasers to buy smaller        demand continues to outstrip supply.
properties in more rural locations where prices are
somewhat more affordable.



RESIDENTIAL MARKET REVIEW   | Q4 2017   DNG.ie   | 30
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                                         RESIDENTIAL MARKET REVIEW    | Q4 2017                DNG.ie        | 31
Additional Sources used in compiling the report:

                      Quarterly National Accounts Q3 2017 - Central Statistics Office 15 December 2017

                      Economic & Social Research Institute - Quarterly Economic Commentary Winter 2017

                      Banking and Payments Federation Ireland - Housing Market Monitor Q3 2017

                      Residential Property Price Index October 2017 - Central Statistics Office

                      KBC Homebuyer Sentiment Survey Winter 2017

                      AIB Housing Market Bulletin - September 2017

                      AIB Irish Economy Watch - November 2017

                      CSO Dublin Apartment Price Index, October 2017

                      CSO Statbank




Tel: +353 1 4912600   Disclaimer: Information herein has been obtained from sources believed reliable. While we do not doubt
Email: info@dng.ie    its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your
                      responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions
                      or estimates used are for example only and do not represent the current or future performance of the market.
                      This information is designed exclusively for use by DNG and cannot be reproduced without prior written
                      permission of DNG. All charts are created by DNG Research unless otherwise sourced.
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